Nigeria and Saudi Arabia Strengthen Economic Partnership

Nigeria has taken a significant step to bolster its economic ties with Saudi Arabia through a high-level delegation to Riyadh, led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

Acting on behalf of President Bola Ahmed Tinubu and the Presidential Economic Coordination Council (PECC), Mr. Edun spearheaded strategic engagements aimed at enhancing bilateral cooperation across key economic sectors.

The Nigerian delegation held productive discussions with the Saudi Export-Import (EXIM) Bank, focusing on developing export credit frameworks and expanding market access between the two countries. The bank expressed strong interest in deepening its relationship with Nigerian institutions and participating in future transactions involving Saudi government entities.

Additionally, the delegation explored potential collaborations with the Saudi Development Fund to support Nigeria’s infrastructure and economic growth. Talks with the Saudi Agricultural and Livestock Investment Company (SALIC) underscored a mutual commitment to advancing investments in agriculture. SALIC reaffirmed its focus on projects that promote food security, boost agricultural output, and generate employment opportunities in Nigeria.

High-level meetings with Saudi Ministers of Finance, Energy, and Economic Planning further solidified partnerships across vital sectors, emphasizing shared objectives of mutual investment and sustainable economic growth.

The Nigerian team included notable figures such as Senator Abubakar Atiku Bagudu, Minister of Budget and National Planning; Mr. Wale Tinubu, member of the Presidential Economic Coordination Council; Ms. Sanyade Okoli, Special Adviser to the President on Finance and the Economy; and Mr. Muhammad Sani Abdullahi, Deputy Governor (Economic Policy) of the Central Bank of Nigeria.

This landmark visit has reaffirmed the commitment of Nigeria and Saudi Arabia to fostering deeper economic ties. Both nations are now set to explore new opportunities for collaboration, paving the way for increased investment, enhanced job creation, and sustainable development in the region.